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Working Paper
Clustered Housing Cycles
Using a panel of U.S. city-level building permits data, we estimate a Markov-switching model of housing cycles that allows for idiosyncratic departures from a national housing cycle. These departures occur for clusters of cities that experience simultaneous housing contractions. We find that cities do not form housing regions in the traditional geographic sense. Instead, similarities in factors affecting the demand for housing (such as average winter temperature and the unemployment rate) appear to be more important determinants of cyclical comovements than similarities in factors affecting ...
Examining Recent Patterns in Residential Building Permits
Where are America’s homes being built? This analysis looks at 2023 housing permits per capita in the country’s metropolitan and micropolitan statistical areas.
Report
New England’s Housing Markets: Supply and Demand Factors Affecting Housing Prices across the Region
The goal of this report is to improve our understanding of housing affordability in New England by exploring the supply and demand factors influencing housing prices around the region. In recent decades, and particularly since the COVID-19 pandemic, the region has seen substantial increases in both the supply of and demand for housing. For example, the number of newly issued building permits in New England relative to population changes has reached its highest level in four decades. On balance, however, the demand for housing has outstripped the supply by a wide margin. Rental vacancy rates ...